Oil hovers near $80

By Hibah Yousuf, staff reporter

NEW YORK (CNNMoney.com) -- Crude oil prices advanced for a fifth-straight session, rising slightly Monday to settle above $80 a barrel, but gains were tempered by a stronger dollar.

What prices are doing: Crude oil for March delivery rose 39 cents to settle at $80.16 a barrel.

Click chart to view current commodity prices.

Prices rose 7.7% during a holiday-shortened week, settling last Friday at $79.81 a barrel on concerns over strikes at French refineries and a report that showed a dip in U.S. inflation.

What's driving prices: With no major economic reports due Monday, investors looked to the dollar for direction.

The greenback was flat against the euro late Monday and was down slightly against the pound and the yen. Earlier in the session, crude prices rose to a high of $80.51 when the dollar was softer against all three rival currencies.

Oil, like other commodities, is priced in dollars, and a weaker greenback boosts prices.

What analysts are saying: "I think investors are pretty much looking at all the usual suspects, plus one," said energy economist Jim Williams, president of WTRG Economics.

In addition the the direction of the dollar, Williams said investors will be looking at the Iran's nuclear program.

"The market may be in for the usual emotional swing depending on what [Iranian President Mahmoud] Ahmadinejad says today about the country's nuclear program," he said. "Iran goes back and forth, doing a dance in both directions, and the market seems to dance with it."

He said any discussion about an attack or sanctions imposed by the United States or Israel on Iran will drive Ahmadinejad to react with threats to block the Strait of Hormuz, which would trigger a short-term spike in oil prices.

But Williams said the high unemployment and low demand for crude oil will keep prices in check.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET


Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.